June 8，Palm Shares(002431.SZ) announced，Based on the company’s actual operations and future strategic development needs，The company plans to transfer 70% equity of its wholly-owned subsidiary Palm Shengcheng Investment Co., Ltd. ("Shengcheng Investment") to Henan Zhongyu Cultural Tourism Investment Co., Ltd. ("Zhongyu Cultural Tourism")，The equity transfer price is approximately RMB 3.86.7 billion yuan。After the completion of this equity transfer，The 188bet online sports betting company still holds 30% equity of Shengcheng Investment。

During the period when Shengcheng Investment was a wholly-owned subsidiary of the company，Current accounts incurred by the company to support the daily operations and management of Shengcheng Investment and its subsidiaries，After the completion of this equity transfer，It will passively form a situation where the company provides external financial assistance，The essence of this business is the continuation of the company’s daily operating borrowings from its wholly-owned subsidiaries and its subsidiaries。As of May 31, 2020，Confirmed by both parties，The company has provided a total of "existing loans" principal balance of approximately 11% to Shengcheng Investment and its subsidiaries.3.8 billion yuan。

In order to continue to promote the progress of Shengcheng Investment and its subsidiaries projects，Supplementary 188bet sports betting app download project working capital，The company plans to convert the above-mentioned existing loans into financial assistance to Shengcheng Investment and its subsidiaries。

188bet app download : Gelonghui, original title: "Palm Shares(002431.SZ): pseudo 3.86.7 billion yuan transfer of 70% equity of Shengcheng Investment》.